Markets open lower, IT stocks weigh

TCS, Wipro and Infosys among the top Sensex losers

Markets have opened marginally lower tracking subdued global cues and selling pressure visible in IT stocks. The Sensex has opened lower by 61 points at 16,851 and the Nifty has shed 17 points to open at 5,097 levels.

Technically, if Nifty fails to sustains above 5,135, then it could see fresh downward pressure with downside targets around the 5,000-level. The Nifty is likely to face resistance around 5,165-5,200, and seek support around 5,060-5,030.

Most of the Asian markets are trading subdued. Hang Seng is down 3 points at 20,533, Shanghai has shed 16 points at 2,435. However, Nikkei is up 53 points at 9,172 levels.

Back home, IT stocks are facing the selling pressure in opening deals. TCS is the top loser among the Sensex stocks, down 4% to Rs 1,223. Infosys and Wipro from this space are also among the losers. BHEL, Larsen & Toubro, ICICI Bank, Tata Motors and HDFC Bank have also opened lower by 0.1-1.5% each.

On the other hand, Gail India, DLF, Hero MotoCorp, Jindal Steel, Coal India, HDFC, Maruti Suzuki, State Bank of India and Mahindra and Mahindra are among the gainers.

The BSE IT index is the top sectoral loser. The index has plunged nearly 3% or 150 points to 5,559 levels. Teck and Capital Goods indices have also opened lower by 2% and 0.5% each, respectively.

At the same time, Realty, PSU, Consumer Durables, FMCG, Oil & Gas, Metal, Healthcare, Auto and Bankex indices are trading higher.

Broader markets are trading higher. The BSE mid-cap index is up 0.6% or 37 points at 6,170 and the small-cap index has advanced 38 points to 6,645 levels.

The overall breadth is neutral as 866 stocks are advancing while 409 are declining.